FILINVEST Land Inc. (FLI) reported a 19-percent increase in net income for the nine months to September on strong property sales.
The Gotianun-led real estate developer booked P2.89 billion in consolidated net income for January to September, 19 percent higher than last year’s P2.44 billion.
Revenues advanced 27 percent to P11.82 billion on improved sales in the residential and office leasing segments.
As of end-September, FLI’s real estate revenues surged 31 percent to P9.16 billion from P6.97 billion last year on robust sales of horizontal housing projects, medium-rise and high-rise building projects, particularly the Oasis brand for medium-rise and Studio Zen brand for high-rise.
The firm said it is on track to launch P17.5-billion worth of residential projects this year with the recent launch of 100 West, a mixed-use high-rise tower with residential, office, and retail components located on Sen. Gil Puyat Avenue in Makati City.
Revenues from rental assets rose 10 percent to P1.65 billion for the nine-month period from P1.5 billion a year ago.
FLI chief executive officer and president Josephine Gotianun-Yap said the firm is set to invest significantly in the rental segment to ramp up recurring income.
“We believe that the rental business will provide the stability of revenue streams. This is why a significant amount of our capex will be earmarked for investment properties. We are targeting to increase our gross leasable area to about 995,000 square meters in five years, which is almost three times our current office and retail space inventory,” said Gotianun-Yap.
“We are confident of sustained growth for the company as we continue to launch new residential projects and execute our plans to increase offices as well as retail spaces in key locations nationwide,” she added.
FLI started its office portfolio with Northgate Cyberzone in Filinvest City, Alabang that caters to the business process outsourcing sector.
Incorporated in 1989, FLI is the property unit of Filinvest Development Corp. As of December 2013, the company had established its presence in 39 locations and has more than 100 real estate projects nationwide.